§ 104.
144 words·~1 min read·
/vt/104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 104. Nature of mutual benefit enterprise
(a)A mutual benefit enterprise organized under this title is an autonomous, unincorporated association of persons united to meet their mutual interests through a jointly owned enterprise primarily controlled by those persons, which permits combining:
(1)ownership, financing, and receipt of benefits by the members for whose interests the enterprise is formed; and
(2)separate investments in the enterprise by members who may receive returns on their investments and a share of control.
(b)The fact that a mutual benefit enterprise does not have one or more of the characteristics described in subsection
(a)of this section does not alone prevent the enterprise from being formed under and governed by this title nor does it alone provide a basis for an action against the enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)